Study On Legal Issues Of International Transaction Of Asset Securitization

Due to the advanced technique and special structure, asset-backed securitization, which have become a financial instrument, are favored by investors. Asset-backed securitization have turned into the most important financial creation and one of useful instruments because of the lowly practicing standards, the abroad extension of the assets, the class of credit improved efficiently to attract investors, and low financing-cost.Assignment in the securitization aims to true sale, which is the key in the operation of securitization. It comes from the assignment of civil law, but there are many differences between the two systems.The subject of securitization includes originator of sponsor, SPV, services, etc. SPV is a typical shell company and its goal is legally financing body. Lawmaking of SPV are various in countries and "Convention on Assignment of Receivable (Convention)".More and more assets turn into the legal objects from the foreign countries' practices. At same time, many countries have established all kinds of rights and obligations to assignees, assignors and debtors.As a new measure, securitization has to be confined and supervised to protect its operation. So learning form the developed countries and Convention, we must study the legal problems and solve them, which is the priority in the securitization study. We should build a securitization system to break through some limits of law. After all, revising every law to carry out securitization is expensive and complex. So a single file is good choice which can decrease the troubles according to the special law rather than the basic law. The author believes to legislate in a short time like Korea, which finished the legislation in two months. The sooner to have the legal system of securitization, the more benefit to development our country.